The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has called on Ghanaian businesses to embrace the local currency, the cedi, as the preferred medium of exchange for all transactions. He warned that an over-reliance on foreign currencies could jeopardize the nation’s recent economic gains.
Speaking at the 9th Ghana CEO Summit in Accra, Dr. Asiama highlighted the cedi’s remarkable performance in recent weeks, reporting a nearly 19% appreciation between April and May. This milestone, he noted, was achieved through prudent fiscal policies and heightened market confidence, rather than through direct dollar interventions by the central bank.
“The cedi is not only our sole currency but also the legal tender for all transactions in Ghana,” Dr. Asiama stated. “Businesses must align with this reality and prioritize the cedi in their operations.”
He further explained that the Bank of Ghana’s focus remains on strengthening the economy through sound monetary policies rather than depleting international reserves to stabilize the currency. “We are committed to fostering economic resilience, and we expect businesses to complement these efforts by conducting transactions in cedis,” he added.
Dr. Asiama underscored the importance of exchange rate stability as a cornerstone of economic recovery, inflation control, and investor confidence. While avoiding an excessive appreciation of the cedi, he stressed the dangers of excessive reliance on foreign currencies in local transactions, warning that such practices increase pressure on the cedi and undermine national efforts to stabilize the economy.
The governor’s appeal comes at a critical time when Ghana’s economic recovery is being closely monitored by local and international stakeholders. By urging businesses to take ownership of the country’s monetary stability, Dr. Asiama reinforced the need for a collective approach to sustaining the gains made so far.
This call to action places the private sector at the heart of Ghana’s economic transformation, signaling a renewed emphasis on promoting the cedi as a symbol of national pride and a tool for long-term economic stability.
Story by: Mercy Addai Turkson #ahotoronline.com
